J.P.摩根-美股-医疗保健行业-2020年医疗设施与管理式医疗展望-2019.12.20-111页.pdf
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1、1North America Equity ResearchDecember 20,2019Healthcare Facilities&Managed Care Gary Taylor AC212-622-J.P.Morgan Securities LLCH E A L T H C A R E F A C I L I T I E S&M A N A G E D C A R EBullish 2020 OutlookDiversified HMOs|Govn HMOs|Acute Care|Sub-Acute|Outpatient|Outsourced ServicesAnthony Makde
2、ssi212-622-J.P.Morgan Securities LLCSee the end pages of this presentation for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the f
3、irm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.Client Conference callFriday December 20,201910am Eastern TimeContact us for dial-in details.Michael Ha212-622-J.P.Mo
4、rgan Securities LLC*Corrected Version We have corrected slides 20,66,74 and 82.*每日免费获取报告1、每日微信群内分享7+最新重磅报告;2、每日分享当日华尔街日报、金融时报;3、每周分享经济学人4、行研报告均为公开版,权利归原作者所有,起点财经仅分发做内部学习。扫一扫二维码关注公号回复:研究报告加入“起点财经”微信群。2Table of ContentsSource:J.P.MorganPage 3Our Coverage UniversePage 6Portfolio Manager Summary:2020 Ou
5、tlookPage 8 Positioning&Top PicksPage 13 Price Target ChangesPage 14JPM Healthcare Conference PreviewPage 162020 Issues&ThemesPage 50Recent Healthcare Facilities&Managed Care FundamentalsPage 60Company Overviews&ModelsPage 91Managed Care Market Model3Our Coverage UniverseSource:J.P.Morgan12/18/2019J
6、PMEPS GrowthP/EEV/EBITDACompany/SubsectorTickerPriceTargetMkt CapRatingC19EC20EC21EC19EC20EC21EC19EC20EC21EAcute Care HospitalsCommunity HealthCYH$3.04na$347UW(2%)19%(5%)-8.5x8.5x8.3xHCAHCA$144.08$186$50,068OW13%12%11%13.8x12.3x11.2x9.1x8.6x8.1xTenet HealthcareTHC$37.98$31$3,988UW45%(10%)3%14.2x15.8
7、x15.4x8.1x8.1x8.0 xTotal Market Cap$54,402Median:5%9%(1%)14.0 x14.1x13.3x8.5x8.5x8.1xSub-Acute CareAcadia HealthcareACHC$33.33$35$2,928N(15%)7%9%16.8x15.8x14.6x10.3x9.8x9.2xUniversal Health ServicesUHS$141.65$164$12,515N5%5%5%14.4x13.7x13.0 x9.1x8.8x8.6xTotal Market Cap$15,444Median:(5%)6%7%15.6x14.
8、8x13.8x9.7x9.3x8.9xOutpatient CareDavita IncDVA$73.45$75$9,835N57%3%24%13.9x13.4x10.8x7.8x8.7x8.1xOutsourced ServicesMednax IncMD$28.40$33$2,341N(34%)(12%)35%12.2x13.9x10.3x10.1x11.2x9.5xManaged Care-DiversifiedAnthemANTM$293.18$391$76,227OW22%16%15%15.1x13.0 x11.3x11.7x10.1x9.2xCignaCI$198.20$282$7
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